;-) Sorry war ein bissel sarkastisch. (owT)

verfasst von FlyingCondor, 27.04.2001, 19:59

>Meine Quelle:
>http://commdocs.house.gov/committees/bank/hba62930.000/hba62930_0f.htm
> Mr. GREENSPAN. Let me suggest to you that the monetary aggregates as we measure them are getting increasingly complex and difficult to integrate into a set of forecasts.
> The problem we have is not that money is unimportant, but how we define it. By definition, all prices are indeed the ratio of exchange of a good for money. And what we seek is what that is. Our problem is, we used M1 at one point as the proxy for money, and it turned out to be very difficult as an indicator of any financial state. We then went to M2 and had a similar problem. We have never done it with M3 per se, because it largely reflects the extent of the expansion of the banking industry, and when, in effect, banks expand, in and of itself it doesn't tell you terribly much about what the real money is.
> So our problem is not that we do not believe in sound money; we do. We very much believe that if you have a debased currency that you will have a debased economy. The difficulty is in defining what part of our liquidity structure is truly money. We have had trouble ferreting out proxies for that for a number of years. And the standard we employ is whether it gives us a good forward indicator of the direction of finance and the economy. Regrettably none of those that we have been able to develop, including MZM, have done that. That does not mean that we think that money is irrelevant; it means that we think that our measures of money have been inadequate and as a consequence of that we, as I have mentioned previously, have downgraded the use of the monetary aggregates for monetary policy purposes until we are able to find a more stable proxy for what we believe is the underlying money in the economy.
> Dr. PAUL. So it is hard to manage something you can't define.
> Page 57 PREV PAGE TOP OF DOC
> Mr. GREENSPAN. It is not possible to manage something you cannot define.
>


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gesamter Thread:

• Greenspan kann Geld nicht definieren - Rebell, 26.04.2001, 20:44
  • Re: Das reicht ja wohl. Ich danke sehr fürs Reinstellen. Sehr, sehr sogar! (owT) - dottore, 26.04.2001, 20:49
  • Dieses Forum ist einfach gut... - SUMIMA, 26.04.2001, 20:49
  • doug noland hat diese stelle kürzlich auch zitiert - PuppetMaster, 26.04.2001, 21:01
  • Re: Greenspan kann Geld nicht definieren Das ist ja nahezu eine Tragikkomödie! - André, 26.04.2001, 21:13
  • Quelle? (oT) (owT) - agnosie, 26.04.2001, 22:53
    • Genau! Quelle = Fantasie oder Erzählkunst? (owT) - FlyingCondor, 26.04.2001, 23:57
      • Erzählkunst?das ich nicht lache! - Rebell, 27.04.2001, 19:45
        • ;-) Sorry war ein bissel sarkastisch. (owT) - FlyingCondor, 27.04.2001, 19:59
  • Re: Greenspan kann Geld nicht definieren - Oldy, 26.04.2001, 23:46